Florida Laws and regulations Pertinent to Insurance

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Agents may be found guilty of defamation if they make a false statement that is intended to

Malign another insurance company

Under the Unfair Trade Practice law, agents may be found guilty of defamation id they make a false statement that is intended to

Malign another insurance company

A licensee may NOT transact insurance business in Florida until which of the following occurs?

The licensee is appointed by an insurer

When recommending a purchase or exchange of an annuity, the agent or insurer must have a reasonable basis for believing that a recommendation is suitable based on all of following facts disclosed by an applicant EXCEPT the applicant's

County of residence

The Department of Financial Services may conduct a hearing when a person is suspected of

Engaging in the business of insurance without a license

An insurance company may be judged guilty of advertising if it

Exaggerates its dividends in a newspaper advertisment

When may the Financial Services Commission hold hearings?

For any purpose within the scope of the insurance code deemed necessary

Which of the following is an example of rebating?

Returning a portion of a premium as inducement to purchase insurance

Which of the following is an unfair claims practice?

Failing to effectuate prompt, fair, and equitable settlements of claims

Which of the following is an example of defamation?

A brochure including an untrue statement regarding a competitor's ability to pay claims

If an agent tells an applicant that an insurance policy is like a share stock, the agent may be guilty of

Misrepresentation

An agent is an individual who has been authorized by an insurer to be its representative and to perform all of the following acts EXCEPT

authorize payment of certain claims

Anyone who makes a fraudulent statement on an insurance application in order to obtain money benefits from an insurance company has committed and act of

misrepresentation

Which of the following terms defines the authority given to an agent to transact business on behalf of the insurer?

Appointment

An agent who tells claimants that their rights may be impaired if they fail to complete a release form within a given period of time could be guilty of

Coercion

An agent must handle funds of a client or insurance company honestly and fairly and NOT use them for agent's own purposes. This is called

Fiduciary reponsibility

Policyholders elect the governing bodies of which of the following types of insurance companies?

Mutual

Which of the following actions by an insurance company or an agent is considered rebating?

Offering a prospect something of value that is not specified in a contract to induce the purchase of that contract

The primary purpose of regulation of the insurance industry is to

Promote the public welfare by maintaining the solvency of insurance companies

Within how many days must a licensee notify the Department of Financial Services (DFS) of an address change?

30

The Department of Financial Services may deny an application for license to which of the following reasons?

The Department has reasonable cause to believe that the applicant will write only controlled business

Knowing making misleading statements that would cause an insured to lapse, assign, or terminate an insurance policy in order to switch companies is an example of

Twisting

Rebating is allowed in Florida if the agent rebates insureds

In the same actuarial class

Can an agent-in-charge have more than one location?

Yes, as long as the agent-in-charge is present when insurance activity occurs

The Florida Life and Health Insurance Guaranty Association was established to provide funds

to protect an insured in the event of an insurer's insolvency


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